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Commercial real estate investment remained strong in the Vancouver market area over the second quarter, with a total of 550 investment property sales transactions over $1 million, that according to commercial real estate services provider Altus Group. A total investment value of $3.4 billion stood relatively flat compared to the previous quarter, but when combined, equaled the record $6.9 billion total witnessed in the first half of 2016.
The residential and ICI land sectors saw the most activity, accounting for 54 percent of overall capital flows in the second quarter, an impressive share of the pie, but just short of the average 59 percent recorded over the past ten quarters. The top ten transactions totalled $908 million, including six transactions over $50 million, and three worth more than $100 million.
Metrotower I and II in Burnaby was the biggest transaction of the lot, scoring a $274.4 million deal for the 616,000-square-foot office complex. A residential development site at Dawson Street and Willingdon Avenue in Burnaby went for $152 million, while an ICI land site at McKeen Avenue and Senator Road in North Vancouver was purchased for $115 million.
"While many are skeptical about the ability of these investment levels to continue, we still see transactions at all price points recorded, including the trading of exceptionally high valued assets," said Paul Richter, Director, Data Solutions, Altus Group. "Land markets continue to be the primary contributors to total sales volumes, but all the major asset classes are recording impressive transaction volumes."
